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Goldsource Mines: Exploration Update

Goldsource Mines announced additional infill and expansion drill results at its Eagle Mountain project in Guyana. The company reported results from 43 core holes, which totaled 3,786m from both the Zion and Bacchus areas in the eastern and northern locations of the Eagle Mountain deposit. Goldsource was nearing completion of its 2021 drill program, the results of which will be included in an updated mineral resource estimate (MRE) expected later in the year. Due to successful preliminary expansion drilling, the company has increased the size of its 2021 drill program from 16,500m to 21,500m.

The focus of the 2021 drill program is to upgrade a material portion of Inferred resources (for an updated 2021 MRE, before year-end) and expanding total resources. Goldsource was approx. 90% through its initial 2021 drill program, which was front-loaded in the first half of the year so they could be included in the upcoming MRE. Infill drilling, specifically, was the focus earlier in the year, with drill results through the balance of the year being primarily exploration drilling. The priority through the rest of 2021 will be follow-up drilling of prospects along the Salbora-Powis structural corridor, inclusive of the Toucan Prospect, where the company intersected 3.5m @ 18.14 g/t Au in mid-June. Due to the initial success with the Toucan Prospect and several high-priority targets, management approved an expanded scope for exploration drilling, resulting in the aforementioned increase of 5,000m to the 2021 drill program.

Highlights from the Zion Area (24 core holes totaling 2,100m) include:

  • 5.3m @ 15.73 g/t Au (Starting 57m down the hole, immediately below and outside of the Feb 2021 MRE).
  • 2.5m @ 10.13 g/t Au (Expansion; extended near-surface mineralization laterally by 150m north).
  • 35.6m @ 1.00 g/t Au (Infill)
  • 2.3m @ 9.61 g/t Au (Expansion)
  • 3m @ 8.35 g/t Au (Infill)
  • 7.5m @ 1.91 g/t Au (infill)
  • 1.5m @ 2.51 g/t Au (Infill)

Highlights from the Bacchus Area (19 core holes totaling 1,686m):

  • 16m @ 1.44 g/t Au (From surface) & 2.3m @ 5.32 g/t Au (Infill)
  • 5.7m @ 1.06 g/t Au (Expansion)
  • 28.8m @ 1.02 g/t Au (Infill)
  • 1.5m @ 2.26 g/t Au (Infill)

The company has made material progress on the first two of the four primary objectives of the 2021 drill program:

  • Infill drilling to upgrade a significant portion of the mineralization currently classified as Inferred Resource to Indicated Resource. Re-classification to be used as the basis for a pre-feasibility study, which is targeted to be delivered in 2022.
  • Testing for new lateral extensions of the sub-horizontal zones of the Eagle Mountain deposit, notably to the north, west, and southwest, currently outside of the February 2021 MRE outline.
  • Follow-up exploration of several new target areas along the prospective Salbora-Powis trend, such as the Toucan, Powis, Ann, and Montgomery prospects where the potential exists for Salbora-style mineralization.
  • Announce a second updated MRE in 2021 for the 2022 PFS.



Disclosure: Goldseek Employees Own Shares in Goldsource Mines.


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